Jupiter has announced the closure of its £5m Pan European Smaller Companies fund following the departure of managers Mark Heslop (pictured) and Philip Macartney.
The two were poached from Columbia Threadneedle, with Heslop joining in 2019 and Macartney following shortly after in 2020.
Macartney has now moved to Invesco, where he will begin work as a deputy fund manager.
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The two launched the Pan European Smaller Companies fund in 2020 and have generated a 52.8% over the past five years, trailing 10.9 percentage points behind its peers in the IA European Smaller Companies sector.
A spokesperson at Jupiter said: “Following the change in the investment management team and consistent with the ongoing curation of our product range, the decision has been taken to close the sub-scale Pan European Smaller Companies fund.”
Jupiter also suffered a £10.3bn outflow after the departure of another star manager, Ben Whitmore, over the past year.
He and fellow value manager Dermot Murphy and ex-Jupiter investment director Claudia Ripley left the firm to set up Brickwood Asset Management.
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